“PowerTap is extremely pleased to be partnering with ARCHES with a goal to deliver clean hydrogen production to current and future California hydrogen transport users. These clean energy projects are essential elements in the process of decarbonization of the transportation sector,” said PowerTap CEO Mr. Raghu Kilambi in a news release.
PowerTap Hydrogen Capital Corp., through its wholly owned subsidiary, PowerTap Hydrogen Fueling Corp., is focused on installing hydrogen production and dispensing fueling infrastructure in the United States. PowerTap’s patented solution has been developed over 20 years. PowerTap is now commercializing its third-generation blue hydrogen product that will focus on the refueling needs of the automotive and long-haul trucking markets that lack hydrogen fueling infrastructure.
As reported in a press release on November 23, 2022, the PowerTap/T2M Global team submitted a proposal to the Air Quality Mitigation Fund (AQMF) of the Harbor Benefit Community Foundation (HBCF) in the Port of Los Angeles to produce a barge-based fuel cell power cold ironing project, including the production of hydrogen.
At its November Board Meeting, the HCBF published the results of its evaluation, and the PowerTap/T2M Global submission was well received. The HCBF, noting that the PowerTap/T2M Team approach completely avoids the creation of emissions from ships in the port, emphasized the importance of maximizing emission reduction from ships during the demonstration period, particularly in the upcoming Round 3 of funding rounds as the HBCF moves to award the remaining $2m in the AQMF. The Company is pleased to announce that the HBCF has released the Round 3 AQMF Request for Proposal with a due date of February 24, 2023, to which the PowerTap/T2M Team intends to submit a proposal.
In addition to any potential award of government grants to the projects noted above, additional capital may be required for those projects and these funds would be secured by a combination of equity, debt possibly backed by the US Department of Energy, other state subsidies and/grants and subsidiary project financing. The Company has not, as yet, secured such additional financing for the above-mentioned projects. The Company will comment further when additional disclosure is appropriate and/or necessary.
